Question 2......... ....(10 marks) Income Statement Sony Corp Company For the Year Ended December 31, 2015 Sales $2,800,000 Less: Cost of goods sold 1,820,000 Gross profits $980,000 Less: Operating expenses 240.000 Operating Profits $ 740,000 Less: Interest expense 70,000 Net profits before taxes $ 670,000 Less: Taxes (40%) 268,000 Net profits after taxes $ 402,000 Less: Cash Dividends 132,000 To: Retained earnings $ 270,000 Sony corp. estimates its sales in 2016 will be $3 million. Interest expense is expected to remain unchanged at $70,000, and the firm plans to pay cash dividends of $140,000 during 2016. Use the percent-of-sales method to prepare a pro forma income statement for the year ended December 31, 2016, based on the 2015 income statement shown above